The purpose of the article is to substantiate the concept and to build a model of partial economic equilibrium of the automotive products market by market segments (cars, trucks and buses) on the basis of the Walras and Errow-Debre equilibrium models. The provisions and limitations of the Walras equilibrium model are considered and analyzed. The market of automobile products of Ukraine is researched, trends of its change are identified and the main types of restrictions regarding its functioning are identified. The possibility of applying a modified model of the general market equilibrium to describe the functioning of the automotive market is established, as well as the substantive conceptual provisions for the construction of the partial economic equilibrium model are substantiated. The developed model describes the interaction of market economy actors in the production and consumption of automotive products during the annual cycle. The conditions of equilibrium of demand and supply of automobile products in the domestic market are outlined, taking into account the openness of the Ukrainian economy, and the restrictions on the solvent demand of the population are shown. The role of the state as an influential side of interaction, aiming to obtain maximum budget revenues through the formation of an adequate tax policy, is argued. Given the role and importance of the development of the automotive industry as one of the strategic sectors of the Ukrainian economy, modeling of the economic equilibrium of the automotive market is of particular importance. The developed model of partial economic equilibrium is based on the formed conceptual provisions on the conditions of functioning of the market of automobile products of Ukraine and describes the market interaction of its three participants-consumers, manufacturers and the state. It can be interpreted as an analytical reflection of the process of production and consumption of automobile products during a one-year cycle of interaction between market economy actors. Reflection in the model of institutional constraints, which describe the role of the state in the process of seeking economic equilibrium, helps to increase its adequacy to real market conditions.
ОСОБЛИВОСТІ ВЕДЕННЯ ВЕНЧУРНОГО БІЗНЕСУ FEATURES OF DOING VENTURE BUSINESS АНОТАЦІЯ У статті досліджено, охарактеризовано та проаналізовано розвиток венчурного бізнесу в Україні та світі. Представлено характеристику функціонування венчурного підприємництва у США, Європі та Україні. Здійснено порівняння та виокремлено ключові відмінності. Досліджено особливості ведення вітчизняного та закордонного венчурного бізнесу. Проаналізовано показники стану діяльності венчурного бізнесу в Україні. Розглянуто теоретичні основи венчурного фінансування, розкрита економічна сутність, особливості та умови венчурного фінансування. Окреслено етапи розвитку венчурної діяльності в Україні. Розглянуто основні етапи інвестиційного циклу венчурного інвестора. Визначено роль венчурних інвестицій у фінансовому забезпеченні діяльності високотехнологічних підприємств та запропоновано заходи для розвитку венчурного бізнесу в Україні. Ключові слова: венчурний бізнес, венчурні фонди, високотехнологічні підприємства, науково-технічний прогрес, інновації. АННОТАЦИЯ В статье исследовано, охарактеризовано и проанализировано развитие венчурного бизнеса в Украине и мире. Представлена характеристика функционирования венчурного предпринимательства в США, Европе и Украине. Проведено сравнение и выделены ключевые отличия. Исследованы особенности ведения отечественного и зарубежного венчурного бизнеса. Проанализированы показатели состояния деятельности венчурного бизнеса в Украине. Рассмотрены теоретические основы венчурного финансирования, раскрыты экономическая сущность, особенности и условия венчурного финансирования. Указаны этапы развития венчурной деятельности в Украине. Рассмотрены основные этапы инвестиционного цикла венчурного инвестора. Определена роль венчурных инвестиций в финансовом обеспечении деятельности высокотехнологичных предприятий и предложены меры по развитию венчурного бизнеса в Украине. Ключевые слова: венчурный бизнес, венчурные фонды, высокотехнологичные предприятия, научно-технический прогресс, инновации.
The article the main traditional approaches to business valuation, namely: profitable, costly and comparative have been explored and analyzed. The main methods within each of the traditional approaches have been investigated. The methods of estimating the value of business by income approach are the method of capitalization of net income, the method of capitalization of dividends, the method of capitalization of excess income and the method of discounting cash flow. The methods of estimating the value of business by the cost approach are: the method of net book value, the method of adjusted book value, the method of estimating the net market value of tangible assets, the replacement cost method, the replacement cost method and the liquidation value method. The methods of estimating the value of business by a comparative approach are the method of industry ratios, the method of comparing sales and the method of multipliers. In addition, it is found that in modern conditions, traditional approaches to assessing the value of the business “in its pure form” are not always used by venture investors, and the most popular methods are contractual, multipliers, discounted cash flow, venture and real options. Synthetic models play an important role today. In world practice, many different approaches are used to assess the value of companies, their assets, business in general. However, the issue of evaluation is still insufficiently addressed. When conducting valuation work in enterprises, many of the existing approaches are either not used at all, or are used very rarely, resulting in practice does not always achieve a comprehensive, complete and objective assessment of the amount of capital. A characteristic feature in determining the value of the business within the application of each of the commonly used methods is the need to take into account various aspects of financial activities, which leads to different estimates of the value of the business, which requires coordination of the results. This situation involves the selection of key cost parameters to obtain the final value of the business. Given the above, there is a need and feasibility to reconcile the results of business valuation methods, which will help to obtain a reasonable value by combining the advantages of each of the traditional methods. Determining the value of the company is one of the most important tasks in the field of corporate governance, which makes it possible to assess the level of competitiveness and success of the company in the market. The process of determining the value is carried out with a specific purpose: calculating the sale price, property insurance, obtaining a loan, etc., which determines the choice of valuation method. Business valuation is the determination of the value of a business as a property complex that can bring profit to the owner. When conducting an appraisal examination, the value of all the company’s assets is determined: real estate, machinery and equipment, inventories, financial investments, intangible assets. In addition, the efficiency of the company, its past, present and future revenues, development prospects and competitive environment in this market are assessed separately, and then the evaluated company is compared with similar companies. On the basis of such a comprehensive analysis, the business is actually assessed as a property complex that can be profitable.
According to theoretical and practical research on the formation and implementation of models of state regulation of venture capital in the world, the leading place in the economy of this century belongs to economic systems of a qualitatively new technological level, in which intellectual resources play an important role. Therefore, governments develop innovation policies to ensure the intensification of innovation and increase the perception of the economy to innovation processes. In a dynamic and changing environment, there is fierce competition in the global market for global competitive advantage between advanced countries such as the United States, Japan and Western Europe, based on the formation of global competitive advantage through the intensification of scientific and innovative activities. In such conditions, the development of venture activity, which specializes in research, engineering, creation and implementation of innovations and is associated with a high degree of risk, becomes important. Venture business is one of the most important components of the innovation process and a promising mechanism for economic stabilization of the state, the phenomenon of which is associated with the priority development of high-tech and risky industries. Leading countries have already confirmed the efficiency and effectiveness of venture business, so it is advisable to develop venture business in Ukraine. Venture capital investments can become one of the alternative sources of financing and business development in Ukraine, an effective source of financial support for scientific developments and their transformation into a competitive product, which is extremely important in Ukraine's foreign trade on the path to European integration. Models of state regulation of venture activity development are a set of means, methods and measures of state stimulation of venture activity in the country. Research, analysis and evaluation of foreign experience allows to identify various models of venture business development in order to identify effective and applied to achieve competitiveness. Today there are two models of venture financing. These are American and European models. They are fundamentally different, and the differences are the role of the state in innovation processes, the list of financing sectors and venture capital objects. The models of state support for venture business development in the world have been investigated, analyzed and evaluated in article . American and European models have been described and characterized. Their features are defined. The general and distinctive features, advantages and disadvantages have been investigated. National programs of venture business development according to American and European models have been considered. The categoriesin the context of models of state support for venture business development in the world have been described . Trends and dynamic characteristics of venture business have been revealed. Means of stimulating the development of venture business according to the above models have been considered. The peculiarities of venture business in Ukraine have been studied. Opportunities and obstacles to development have been identified. The need to intensify state support for the development of venture business in Ukraine has been identified.
In modern conditions, innovation is one of the most important factors of economic development, and the development of innovation is the main condition for ensuring the competitiveness of the economy. Therefore, modeling the development of venture business is relevant and very important for the development of investment and innovation market and structural adjustment of Ukraine's economy. The development of venture financing as a proven extrabudgetary financing in science-intensive sectors of the economy and its adaptation to the realities of our country will allow it as one of the most effective tools for commercializing scientific innovations to become a promising source of financial resources for innovation. The level of economic development of venture structures is determined not so much by the scale of activity, but by the innovative orientation and flexibility of management. Among the main problems associated with investment activities are the problems of stimulating systemic innovations, from basic research, stages of implementation of new technologies, goods and services, to commercial development of new products, creating conditions that will promote venture capital, and modeling and forecasting. venture business. World experience proves the important role of innovative entrepreneurship in the transformation of the economic mechanism, increasing the intensity of its restructuring, where the dominant development should be the effective use of innovation potential of the country. Given the difficulties in attracting material resources by domestic businesses, it is necessary to provide for the development of the venture industry through the active attraction of funds from commercial banks and foreign capital. The issues of modeling the development of venture business deserve special attention, which requires the study and use of significant practical experience of Western venture structures. It is clear that the main elements of the mechanism of risk financing of innovation, which normally work in a highly developed market economy, can not be used without change in the domestic economy where there is no competition and sources of free capital. An important factor in intensifying venture business in Ukraine is the improvement of methodological support for venture capital. Such activities concern special forms and types of implementation of the innovation and investment process as a whole. First of all, the issues of modeling the development of venture business in Ukraine are becoming important in today's conditions. Since development is a rather multifaceted and interdisciplinary concept, including a wide variety of indicators, the studied developments often contain various methods, approaches and indicators for evaluating and modeling the development of venture funds. In addition, the complexity and versatility of asset management activities complicate the process of modeling the development of venture business. Summarizing the above, it is worth noting that the results of the study can be concluded: taking into account the work of both domestic and foreign scientists, in modeling the development of venture business use different models and perform modeling through the prism of venture business risk analysis, systemic risk, venture attractiveness analysis investment projects, the formation of a balanced investment portfolio, etc., taking into account both the availability of information and the tasks and objectives set by scientists.
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